436 elite kills varying my MF from 0 to 323 (with and without Valor) and logged every rare drop.
- Base rate is about 0.37 rares per elite
- Each point of magic find adds about 0.0028 rares per elite
- Elites drop 2 blues, 1 white and 50% chance for an additional white
- Nephalem Valor adds MF/GF. At 5 stacks an extra rare drops completely independently of the base drops.
- For a basic Butcher run (11 elites and 2 bosses), 250% MF will net you about 60% more gear